Preliminary assessment of Vietnam international merchandise trade performance in the second half of January, 2024

The Vietnam Customs Statistics announced that in the second half of January, 2024 the total Vietnam’s exports of US dollars 19.3 billion and imports of nearly US dollars 16.03 billion resulted in a trade surplus of US dollars 3.27 billion. Accordingly, the total value of export and import turnover of Vietnam in the second half of January was over US dollars 35.33 billion, up by 18.6% as compared to the first half of January-2024. Furthermore, in the first month of 2024, Vietnam was in trade surplus of USD 3.63 billion.

Vietnam‘s trade-in-goods in January 2024 totaled US dollars 65.43 billion in value terms, up by 40.3% as compared to the performance of last year.

In the view of Foreign Direct Invested (FDI) traders, the total value of exportation and importation in January 2024 reached USD 44.52 billion, up by 32.9% in comparison to 2023.

Export:

As compared to the first half of January-2024, second half of the month increase in the total export value (27.9% - USD 4.22 billion equally) is reflected by upturn in computer, electrical products (up by 37.5% - USD 842 million equally); machine tools and equipments (up by 45% - USD 735 million); textiles and garments (up by 42.5% - USD 548 million); footwear (up by 39.1% - USD 322 million equally); wood and wooden products (up by 31.7%, equally 200 million equally).

Totally, in January 2024 total export value of Vietnam was USD 34.53 billion, up by 46% as compared to the same period of 2022 (equivalent to USD 10.89 billion in absolute value terms).

Chart 1: Top 10 main exported commodities of Vietnam in the second half of January as compared to the first half of January

Preliminary assessment of Vietnam international merchandise trade performance in the second half of January, 2024
Source: Vietnam Customs

Import:

The first half to second half of January widen in the total of import value (9%) reflected upturn in crude oil (up by 52.2% - USD 169 million equally); petroleum products (up by 78.2% - USD 166 million equally); machine tools and equipments (up by 6.7% - USD 128 million); fabrics (up by 11.6% - USD 64 million equally);

In January, total import value into Vietnam was USD 30.9 billion, went up by 30.4% as compared to 2022 (equivalent to USD 7.91 billion in absolute value terms).

Chart 2: Top 10 main imported commodities of Vietnam in the second half of January as compared to the first half of January

Preliminary assessment of Vietnam international merchandise trade performance in the second half of January, 2024
Source: Vietnam Customs

Source: Vietnam Customs

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